THE Union of Fans have demanded urgent answers from the chief executive after half-yearly results - which show losses of £3.6million - suggest Rangers are just weeks away from emptying their account.

RANGERS supporters last night accused chief executive Graham Wallace of misleading fans and shareholders over the true state of the club’s financial problems.

And the Union of Fans – a coalition of the club’s six biggest supporters groups – are demanding urgent answers from Wallace and chairman David Somers to explain how the troubled Ibrox outfit could have been running out of money just weeks after the board gave assurances at an agm no such crisis was on the horizon.

And they want to know how Wallace could have been so confident of steering the club away from another financial trauma in December when the numbers released yesterday – coupled with £1.5m of controversial emergency loans secured in February – suggest Rangers were only weeks away from emptying their account.

The statement read: “The most important issue, and one which highlights the obvious need for substantial investment, surrounds the cash position of the club at this present moment and at the agm last December.

“Wallace stated at the agm there was ‘sufficient cash in the business to fund the ongoing needs of the club in the near term’.

“It appears from these interim results and the recent loan of £1.5m from shareholders that this statement at the agm may have been misleading.

“It is unclear how it could have been stated by the board at that time, with any confidence, that there was sufficient cash even for the short term and we would like Wallace and Somers to explain this as a matter of urgency.”

The £3.5m deficit in the Rangers books is less than half of the £7.2m black hole recorded this time last year. And Wallace and Somers insist this is proof they are turning the club around.

But the club continues to lose money at an alarming rate with running costs around £1.5m per month.

Rangers accounts show that in December, at the time of the agm, cash in the bank was down to £3.5m – despite the club coining in more than £22m from a shares launch 12 months previously.

And of that £3.5m a sum of around £1.7m – a scheduled payment from kit suppliers JD Sports – was “not immediately available as working capital”.

Which meant Rangers may have been unable to pay February’s wage bill had emergency money not been raised.

And now Somers admits to new fears for the future unless rebel fans back down on threats to support would-be saviour Dave King by placing their season-ticket money in a ringfenced account.

He said: “This possibility results in the existence of a material uncertainty which may cast doubt about Rangers’ ability to continue as a going concern and therefore the company may be unable to realise its assets and discharge its liabilities in the normal course of business.”

But the Union of Fans hit back at Somers and insisted season-ticket money will be handed over so long as the club secures the cash against Ibrox and Murray Park.

The statement said: “There’s no plan to drip feed season-ticket money on a game-by-game basis. The proposal is that season-ticket money is paid in a lump sum, prior to the start of the season, in return for security over club assets.

“This will allow fans to be safe in the knowledge the club’s assets will be in good hands. Given the obvious need for investment we again urge the board to accept King’s offer of £30m.”